UPDATE: Morgan Stanley Upgrades Citigroup to Overweifght on Return on Equity Potential - Citigroup (NYSE:C)

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Morgan Stanley raised its rating on Citigroup (NYSE: C) from Equal-weight to Overweight and increased its price target from $45 to $51. Morgan Stanley commented, "We think Citi's ROE can rise slightly to 7.6% in 2013 and 8.0-8.5% in 2014-15 vs 7.2% expected in 2012. Even with the slight ROE improvement, we see upside to the stock as the market is pricing in an ROE decline of 70 bp from the 6.9% generated in 3q12 which we view as unlikely. We hit 10% ROTCE in 2015."Citigroup closed at $39.46 on Tuesday.

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